CORAL SPRINGS, Fla., May 3, 2004 (PRIMEZONE) -- On April 16, 2004, a Securities Class Action was filed against MasTec, Inc. (NYSE:MTZ), Austin Shanfelter, and Donald Weinstein. The lawsuit, pending in the United States District Court for the Southern District of Florida, was filed on behalf of purchasers of MasTec common stock during the period between May 13, 2003 and April 12, 2004 (the "Class Period").
The complaint alleges that during the Class Period, MasTec and certain of its officers and directors issued a series of false and misleading statements in which MasTec's financial results were materially overstated. These statements had the effect of artificially inflating the market price of MasTec's securities.
According to the lawsuit, the truth began to emerge on March 10, 2004, when MasTec announced that the filing of its 10-K would be delayed past the March 15th deadline. In response to this news, on that same date, MasTec shares fell $2.00 per share (16.75%) to close at $9.94 per share. On March 18, 2004, MasTec shares fell an additional $2.31 per share (23%) to close at $7.75 per share, upon Standard & Poor's Rating Services placing MasTec's BB credit rating on watch for a downgrade.
On April 13, 2004, MasTec announced its 2003 operating results and revealed material problems that could result in a restatement of its previously announced financial results. MasTec announced a net loss of $39.7 million ($0.83 per share) on revenue of $873.9 million for the year. The market reacted to this news and on April 13, 2004 MasTec's stock price dropped $1.50 per share (15.5%) on unusually large trading volume.
If you bought MasTec, Inc. securities during the class period and sustained damages, you may, no later than June 14, 2004 request that the Court appoint you as lead plaintiff. A lead plaintiff represents the other class members in directing the litigation. To be appointed lead plaintiff, the Court must determine that the class member will adequately represent the class. Under certain circumstances, several class members may together serve as "lead plaintiff". Your ability to share in any recovery is not, however, affected by the decision of whether or not to serve as lead plaintiff. You may retain Mager White & Goldstein, LLP, or other counsel of your choice, to serve as your counsel in this action.
Mager White & Goldstein has offices in Pennsylvania and Florida. The firm's attorneys have been litigating complex commercial matters for over twenty years. Please visit the Mager White & Goldstein website (http://www.mwglawfirm.com) for additional information about the firm.
If you wish to discuss the lawsuit against MasTec with us, or have any questions about this notice or your legal rights with regard to this case, please contact the following attorney:
Jayne A. Goldstein 2825 University Drive - Suite 350 Coral Springs, Florida 33065 954-341-0844 Telephone 866-274-8258 Toll Free 954-341-0855 Fax E-mail: jgoldstein@mwg-law.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca